yes bank final job satisfaction 25-02-2015

A PROJECT REPORT ON

JOB SATISFACTION OF YES BANK

LUCKNOWA PROJECT REPORT

Under the guidance Of

Submitted byin partial fulfillment o f the requirement

for the award of the degree

Of

MBA

IN

[Human Resource Management]

BONAFIDE CERTIFICATE

Certified that this project report titled JOB SATISFACTION YES BANK is the bonafide work of Anshika Agrawal Reg No 1305005800 who carried out the project work under my supervision. SIGNATURE

SIGNATURE

HEAD OF THE DEPARTMENT

FACULTY IN CHARGE

ACKNOWLEDGEMENT

At the very outset, I would like to thank the lord for the supernatural grace and mercies.

I wish to record my deep sense of gratitude to my faculty guide, Ms Vandana Nigam Faculty Member, SMU for his valuable suggestions, constructive comments and guidance to bring out this project successfully.

Finally its my pleasure to thank my parents, parents in law and husband for their continuous encouragement at every moment.

Preface

This project is the result of Studying the Job Satisfaction level in the employees of Yes Bank. Project work is an integral part of the MBA course. This practical experience helps the student to come in physical contact with the real business world closely, which in turn widely influences his/her concepts and perceptions.

Human Resource play an important role in accomplishing the objectives of the organization. If the number of required employees is not equal to actual employees, organisational working is not properly done & the organization will not be able to accomplish desired results. Therefore organization try to recruit right person for the right job in order to smoothly run all the functions of organisation.

ACKNOWLEDGEMENT

An undertaking of work like this is never an outcome of a single person; rather it bears the imprints of a number of people who directly or indirectly helped me in completing the present report. I would be failing in my duties if I dont say a word of thanks to all those who made my this report on Studying the Job Satisfaction Level in the employees of Yes Bank of Lucknow I wish to express my heartfelt thanks to Ms. Vandana Nigam for her guidance, vital Support & cooperation. Her prestigious guidance, support and sincere cooperation, regular encouragement, morale boosting and infinite assisting of every kind, which made my report a fruitful, pleasant and a lifetime experience.

Lastly, I would like to extend my sincere thanks to all those who have directly or indirectly helped me in the completion of this seminar.

Contents

Chapter-1

1. Introduction

2. Definitions of job Satisfaction

3. History

4. Importance of job satisfaction

5. Importance of job satisfaction to workers and organisation

6. Workers role in job satisfaction

7. Factors of Job satisfaction

8. Reasons for low job satisfaction

9. Effects of low job satisfaction

10. Influences of job satisfaction

11. Impact of job satisfaction

12. Job satisfaction according to job category

13. Motivation and Job satisfaction

i. Benefits of motivation

ii. Aims of motivation

iii. Motivation and incentives-financial

iv. Motivation and incentives-non financial

14. Statement of problem

15. Objectives of study

16. Hypothesis

17. Limitations of study

18. Company Profile Chapter-21. Research Methodology

a. Research Designb. Population

c. Sample Sized. Variablee. Tool to be administered f. Data collectiong. Sample design

h. Data Analysis

Chapter-31. Findings and Interpretation

Chapter-41. Suggestions and Recommendations

2. Bibliography

3. Appendix

CHAPTER-1

INTRODUCTION

At present scenario, money is the major reason why most people work. Money is not only the means of satisfying the economic needs but also a measure of ones power, prestige, and independence and so on. It can satisfy biological needs as well as security, social and esteem needs. Thus the question arises, Are monetary incentives provided by the organization sufficient enough to provide job satisfaction to an employee? The answer is monetary is important but upto a certain extent. Thus the research study is conducted to know that how far monetary benefits are related to job satisfaction and the role that monetary plays in providing the job satisfaction. The research is also conducted to find out the important factors influencing job satisfaction and the occupational level at which the monetary benefits plays important role in the life of an employee.

JOB SATISFACTIONJob satisfaction has been defined as a pleasurable emotional state resulting from the appraisal of ones job; an affective reaction to ones job and an attitude towards ones job. This definition suggests that we form attitudes towards our jobs by taking into account our feelings, our beliefs, and our behaviours.

Job satisfaction in regards to ones feeling or state of mind regarding nature of their work. Job can be influenced by variety of factors like quality of ones relationship with their supervisor, quality of physical environment in which they work, degree of fulfilment in their work, etc.

Positive attitude towards job are equivalent to job satisfaction where as negative attitude towards job has been defined variously from time to time. In short job satisfaction is a persons attitude towards job.

Job satisfaction is an attitude which results from balancing & summation of many specific likes and dislikes experienced in connection with the job- their evaluation may rest largely upon ones success or failure in the achievement of personal objective and upon perceived combination of the job and combination towards these ends.

According to pestonejee, Job satisfaction can be taken as a summation of employees feelings in four important areas. These are:

1. Job-nature of work (dull, dangerous, interesting), hours of work, fellow workers, opportunities on the job for promotion and advancement (prospects), overtime regulations, interest in work, physical environment, and machines and tools.

2. Management- supervisory treatment, participation, rewards and punishments, praises and blames, leaves policy and favouritism.3. Social relations- friends and associates, neighbours, attitudes towards people in community, participation in social activity scalability and caste barrier.

4. Personal adjustment-health and emotionality.

Job satisfaction is an important indicator of how employees feel about their job and a predictor of work behaviour such as organizational citizenship, Absenteeism, Turnover.

Job satisfaction benefits the organization includes reduction in complaints and grievances, absenteeism, turnover, and termination; as well as improved punctuality and worker morale. Job satisfaction is also linked with a healthier work force and has been found to be a good indicator of longevity.

Job satisfaction is not synonyms with organizational morale, which the possessions of feeling have being accepted by and belonging to a group of employees through adherence to common goals and confidence in desirability of these goals.

Morale is the by-product of the group, while job satisfaction is more an individual state of mind.

DEFINITIONS OF JOB SATISFACTION

Different authors give various definitions of job satisfaction. Some of them are taken from the book of D.M. Pestonjee Motivation and Job Satisfaction which are given below:Job satisfaction is defined as a pleasurable, emotional state resulting from appraisal of ones job. An effective reaction to ones job.

Weiss Job satisfaction is general attitude, which is the result of many specific attitudes in three areas namely:

Specific job factors, Individual characteristics, Group relationship outside the job

Blum and Naylor

Job satisfaction is defined, as it is result of various attitudes the person hold towards the job, towards the related factors and towards the life in general.

GlimmerJob satisfaction is defined as any contribution, psychological, physical, and environmental circumstances that cause a person truthfully say, I am satisfied with my job.

Job satisfaction is defined, as employees judgment of how well his job on a whole is satisfying his various needs. Mr. Smith Job satisfaction is defined as a pleasurable or positive state of mind resulting from appraisal of ones job or job experiences.

LockeHISTORY OF JOB SATISFACTION

The term job satisfaction was brought to lime light by hoppock (1935). He revived 35 studies on job satisfaction conducted prior to 1933 and observes that Job satisfaction is combination of psychological, physiological and environmental circumstances. That causes a person to say. I m satisfied with my job. Such a description indicate the variety of variables that influence the satisfaction of the individual but tell us nothing about the nature of Job satisfaction.

Job satisfaction has been most aptly defined by pestonjee (1973) as a job, management, personal adjustment & social requirement. Morse (1953) considers Job satisfaction as dependent upon job content, identification with the co., financial & job status & priding group cohesiveness

One of the biggest preludes to the study of job satisfaction was the Hawthorne study. These studies (1924-1933), primarily credited to Elton Mayo of the Harvard Business School, sought to find the effects of various conditions (most notably illumination) on workers productivity.

These studies ultimately showed that novel changes in work conditions temporarily increase productivity (called the Hawthorne Effect). It was later found that this increase resulted, not from the new conditions, but from the knowledge of being observed.

This finding provided strong evidence that people work for purposes other than pay, which paved the way for researchers to investigate other factors in job satisfaction.

Scientific management (aka Taylorism) also had a significant impact on the study of job satisfaction. Frederick Winslow Taylors 1911 book, Principles of Scientific Management, argued that there was a single best way to perform any given work task. This book contributed to a change in industrial production philosophies, causing a shift from skilled labour and piecework towards the more modern approach of assembly lines and hourly wages.

The initial use of scientific management by industries greatly increased productivity because workers were forced to work at a faster pace. However, workers became exhausted and dissatisfied, thus leaving researchers with new questions to answer regarding job satisfaction.

It should also be noted that the work of W.L. Bryan, Walter Dill Scott, and Hugo Munsterberg set the tone for Taylors work.

Some argue that Maslows hierarchy of needs theory, a motivation theory, laid the foundation for job satisfaction theory. This theory explains that people seek to satisfy five specific needs in life physiological needs, safety needs, social needs, self-esteem needs, and self-actualization. This model served as a good basis from which early researchers could develop job satisfaction theories.

IMPORTANCE OF JOB SATISFACTION

Job satisfaction is an important indicator of how employees feel about their job and a predictor of work behaviour such as organizational, citizenship, Absenteeism, Turnover.

Job satisfaction can partially mediate the relationship of personality variables and deviant work behaviour.

Common research finding is that job satisfaction is correlated with life style.

This correlation is reciprocal meaning the people who are satisfied with the life tends to be satisfied with their jobs and the people who are satisfied their jobs tends to satisfied with their life.

This is vital piece of information that is job satisfaction and job performance is directly related to one another. Thus it can be said that, A happy worker is a productive worker.

It gives clear evidence that dissatisfied employees skip work more often and more like to resign and satisfied worker likely to work longer with the organization.

IMPORTANCE TO WORKER AND ORGANIZATION

Job satisfaction and occupational success are major factors in personal satisfaction, self-respect, self-esteem, and self-development. To the worker, job satisfaction brings a pleasurable emotional state that can often leads to a positive work attitude. A satisfied worker is more likely to be creative, flexible, innovative, and loyal.

For the organization, job satisfaction of its workers means a work force that is motivated and committed to high quality performance. Increased productivity- the quantity and quality of output per hour worked- seems to be a byproduct of improved quality of working life. It is important to note that the literature on the relationship between job satisfaction and productivity is neither conclusive nor consistent.

However, studies dating back to Herzbergs (1957) have shown at least low correlation between high morale and high productivity and it does seem logical that more satisfied workers will tend to add more value to an organization.

Unhappy employees, who are motivated by fear of loss of job, will not give 100 percent of their effort for very long. Though fear is a powerful motivator, it is also a temporary one, and also as soon as the threat is lifted performance will decline.

Job satisfaction benefits the organization includes reduction in complaints and grievances, absenteeism, turnover, and termination; as well as improved punctuality and worker morale. Job satisfaction is also linked with a healthier work force and has been found to be a good indicator of longevity.

Although only little correlation has been found between job satisfaction and productivity, Brown (1996) notes that some employers have found that satisfying or delighting employees is a prerequisite to satisfying or delighting customers, thus protecting the bottom line.

WORKERS ROLE IN JOB SATISFACTION

If job satisfaction is a worker benefit, surely the worker must be able to contribute to his or her own satisfaction and well being on the job. The following suggestions can help a worker find personal job satisfaction: Seek opportunities to demonstrate skills and talents. This often leads to more challenging work and greater responsibilities, with attendant increases in pay and other recognition.

Develop excellent communication skills. Employers value and rewards excellent reading, listening, writing and speaking skills.Know more. Acquire new job related knowledge that helps you to perform tasks more efficiently and effectively. This will relive boredom and often gets one noticed.

Demonstrate creativity and initiative. Qualities like these are valued by most organizations and often results in recognition as well as in increased responsibilities and rewards.

Develop teamwork and people skills. A large part of job success is the ability to work well with others to get the job done.

Accept the diversity in people. Accept people with their differences and their imperfections and learn how to give and receive criticism constructively.

See the value in your work. Appreciating the significance of what one does can lead to satisfaction with the work itself. This help to give meaning to ones existence, thus playing a vital role in job satisfaction.

Learn to de-stress. Plan to avoid burn out by developing healthy stress management techniques.

FACTORS OF JOB SATISFACTION

Hoppock, the earliest investigator in this field, in 1935 suggested that there are six major components of job satisfaction. These are as under:

The way the individual reacts to unpleasant situations,

The facility with which he adjusted himself with other person

The relative status in the social and economic group with which he identifies himself

The nature of work in relation to abilities, interest and preparation of worker

Security

Loyalty

Herberg, mausaer, Peterson and capwell in 1957 reviewed more than 150 studies and listed various job factors of job satisfaction. These are briefly defined one by one as follows:

1. Intrinsic aspect of job

It includes all of the many aspects of the work, which would tend to be constant for the work regardless of where the work was performed.

2. Supervision

This aspect of job satisfaction pertains to relationship of worker with his immediate superiors. Supervision, as a factor, generally influences job satisfaction.

3. Working conditions

This includes those physical aspects of environment which are not necessary a part of the work. Hours are included this factor because it is primarily a function of organization, affecting the individuals comfort and convenience in much the same way as other physical working conditions.

4. Wage and salaries

This factor includes all aspect of job involving present monitory remuneration for work done.5. Opportunities for advancement

It includes all aspect of job which individual sees as potential sources of betterment of economic position, organizational status or professional experience.

6. Security

It is defined to include that feature of job situation, which leads to assurance for continued employment, either within the same company or within same type of work profession.

7. Company & management

It includes the aspect of workers immediate situation, which is a function of organizational administration and policy. It also involves the relationship of employee with all company superiors above level of immediate supervision.

8. Social aspect of job

It includes relationship of worker with the employees specially those employees at same or nearly same level within the organization.

9. Communication

It includes job situation, which involves spreading the information in any direction within the organization. Terms such as information of employees status, information on new developments, information on company line of authority, suggestion system, etc, are used in literature to represent this factor.10. Benefits

It includes those special phases of company policy, which attempts to prepare the worker for emergencies, illness, old age, also. Company allowances for holidays, leaves and vacations are included within this factor. REASONS OF LOW JOB SATISFACTIONReasons why employees may not be completely satisfied with their jobs:

1. Conflict between co-workers.

2. Conflict between supervisors.

3. Not being opportunity paid for what they do.

4. Have little or no say in decision making that affect employees.

5. Fear of loosing their job.

EFFECTS OF LOW JOB SATISFACTION

1. HIGH ABSENTEEISM

Absenteeism means it is a habitual pattern of absence from duty or obligation.

If there will be low job satisfaction among the employees the rate of absenteeism will definitely increase and it also affects on productivity of organization.

In the above diagram line AB shows inverse relationship between job satisfaction and rate of turn over and rate of absenteeism.

As th job satisfaction is high the rate of both turn over and absentiseesm is low and vise a versa.2. HIGH TURNOVERIn human resource refers to characteristics of a given company or industry relative to the rate at which an employer gains and losses the staff.

If the employer is said to be have a high turnover of employees of that company have shorter tenure than those of other companies.

3. TRAINING COST INCREASES

As employees leaves organization due to lack of job satisfaction. Then Human resource manager has to recruit new employees. So that the training expenditure will increases.

INFLUENCES ON JOB SATISFACTION

There are a no. of factors that influence job satisfaction. For example, one recent study even found that if college students majors coincided with their job , this relationship will predicted subsequent job satisfaction. However, the main influences can be summarized along with the dimensions identified above.The work itself

The concept of work itself is a major source of satisfaction. For example, research related to the job characteristics approach to job design, shows that feedback from job itself and autonomy are two of the major job related motivational factors. Some of the most important ingredients of a satisfying job uncovered by survey include interesting and challenging work, work that is not boring, and the job that provides status.Pay

Wages and salaries are recognized to be a significant, but complex, multidimensional factor in job satisfaction. Money not only helps people attain their basic needs but level need satisfaction. Employees often see pay as a reflection of how management view their contribution to the organization. Fringe benefits are also important.

If the employees are allowed some flexibility in choosing the type of benefits they prefer within a total package, called a flexible benefit plan, there is a significant increase in both benefit satisfaction and overall job satisfaction.Promotions

Promotional opportunities are seem to be have a varying effect on job satisfaction. This is because of promotion take number of different forms.

IMPACT OF JOB SATISFACTIONMany managers subscribe to the belief that a satisfied worker is necessarily good worker. In other words, if management could keep the entire workers happy, good performance would automatically fallow. There are two propositions concerning the satisfaction performance relationship. The first proposition, which is based on traditional view, is that satisfaction is the effect rather than the cause of performance. This proposition says that efforts in a job leads to rewards, which results in a certain level of satisfaction .in another proposition, both satisfaction and performance are considered to be functions of rewards.

Various research studies indicate that to a certain extent job satisfaction affects employee turn over, and consequently organization can gain from lower turn over in terms of lower hiring and training costs. Also research has shown an inverse relation between job satisfaction and absenteeism. When job satisfaction is high there would be low absenteeism, but when job satisfaction is low, it is more likely to lead a high absenteeism.

What job satisfaction people need?

Each employee wants:

1. Recognition as an individual

2. Meaningful task

3. An opportunity to do something worthwhile.

4. Job security for himself and his family

5. Good wages

6. Adequate benefits

7. Opportunity to advance

8. No arbitrary action- a voice a matters affecting him

9. Satisfactory working conditions

10. Competence leadership- bosses whom he can admire and respect as persons and as bosses.

However, the two concepts are interrelated in that job satisfaction can contribute to morale and morale can contribute to job satisfaction.

It must be remembered that satisfaction and motivation are not synonyms. Motivation is a drive to perform, where as satisfaction reflects the individuals attitude towards the situation. The factors that determine whether individual is adequately satisfied with the job differs from those that determine whether he or she is motivated. the level of job satisfaction is largely determined by the comfits offered by the environment and the situation . Motivation, on the other hand is largely determine by value of reward and their dependence on performance. The result of high job satisfaction is increased commitment to the organization, which may or may not result in better performance.

A wide range of factors affects an individuals level of satisfaction. While organizational rewards can and do have an impact, job satisfaction is primarily determine by factors that are usually not directly controlled by the organization. a high level of job satisfaction lead to organizational commitment, while a low level, or dissatisfaction, result in a behavior detrimental to the organization. For example, employee who like their jobs, supervisors, and the factors related to the job will probably be loyal and devoted. People will work harder and derive satisfaction if they are given the freedom to make their own decisions. JOB SATISFACTION ACCORDING TO JOB CATEGORY

In any organization, jobs are arranged in a hierarchy. This system of stratification divides people in an organization broadly into three groups:

1. Managers

2. Supervisors or Foreman; and

3. Workers

Managers occupying the top position; supervisors, the middle; and the worke5rs the lowest. Financial remuneration in an organization follow system of differential payment for different occupational levels. Those at higher levels of the occupational hierarchy are usually paid more than those at the middle and lower levels.

Besides this, managerial jobs require a high degree of intelligence, higher education and training (sometimes of a specialized nature) initiative, drive and ability to command and co-ordinate activities of hundreds of workers in such a manner that the targets set are achieved.

More often, a managerial job is not only paid more, but the perquisites attached to it may actually mean that the salary has been doubled or even more. It is thus the hypothesized that:

1) The higher the occupational level, the greater would be the satisfaction of physical needs.Not only jobs differ in terms of financial rewards in industry, but also in terms of security which they provide to an individual. Some jobs are more secure, than others.

The feeling of security seems to increase as one goes up in the organizational hierarchy.

2) Man is a social being. He wished to satisfy many of hit social needs both at work and outside. The chance of social need satisfaction seem to decrease as one goes down in the organizational hierarchy.

3) The higher the occupational level the greater will be the social need satisfaction.

Besides the satisfaction of physical, security and social needs, one seeks the satisfaction of ego needs, both at work and outside it. Once again satisfaction of ego needs usually goes on decreasing with the decline in the occupational level of the individual. A managerial job has a higher status, than a supervisory job, and a supervisor is ranked higher than a worker.

From the above discussion following may be pointed out:

a) The higher the occupational level the greater would be the satisfaction of the ego needs.

b) The extent of total need satisfaction would go on decreasing with the decline in occupational level.

It is further suggested that there is a close relationship between need satisfaction and job satisfaction. Thus, the greater the need satisfaction, the more positive will be the attitude of the workers towards their jobs, and the result will be better and more production.

MOTIVATION AND JOB SATISFACTION

The prosperity, if not survival of the business organization today largely depends on the performance of its employees. Thus, blending the individual goals with organizational objectives for achieving their commitment to the organization assumes vital importance. Not withstanding improved monetary compensation, better working conditions, job security and comprehensive conditions for employment, it has been observed that fairly a large majority of employees are not only unwillingly to direct their energies for the attainment of the direct their energies for the attainment of the organizational goals but also dont enjoy their work assignments. Lack of involvement on their part results in low levels of productivity and job performance. Experience over the years has show that the provisions of such facilities does not itself create high tempo of work or the degree of identification with the organization which the management expects and also for job satisfaction. In this context, job motivation has, in recent years, emerged as an important area of concern.

The reason for motivation of personnel is the desire to secure optimum performance from the employees. Performance (P) is a function of individuals ability (A), knowledge (K) and motivation (M). This can be depicted as:

P= M (A+K)

The mere presence of ability and knowledge cannot guarantee that the individual will put forth his best effort. There is another factor, namely motivation (M) which ensures the expected performance of the employees.

Motivation comprises of two factors namely (a) incentives (I) i.e. the forces which motivate the employee to put forth his best efforts, and (b) Disincentives (DI) i.e. the forces which motivation is M= 1-Di when combined the above two presentations can be depicted as below:

P = (I-DI) (A+K)

This shows that higher (I-DI) should result in better performance of the employees with (A+K) factor remaining constant. Hence, job performance is dependent not only on an employees skill and ability but also on motivation which transforms ability to do into will to do.

Thus motivation is a productivity factor in industry. The word motivation has been derived from motive initiated activity and is an inner force with directs behaviour towards goals. Behind every activity of a human being there is a motive.

MOTIVATION DEFINED Webster defines motivation as to provide with a motive; to impel, incite, and motive as that within the individual rather than without, which incites him to action; any idea, need emotion, or organic state that prompts to an action. Incite is defined as that which incites, or tends to incite, to determination or action. Incite is defined as to arouse to action, spur or urge on. Therefore to activate the employee or move him into action, it is advisable to ascertain the motive involved. As the motive is within the individual, it is first necessary to study his needs, emotions etc. After this an investigation must be made of the factors likely to incite him (i.e. incentive) and also, those which have the opposite effect (i.e. disincentive). Austin2 defines disincentive as that which impedes or tends to impede determination or action.

According E.L.F. Brech motivation is a general inspiration, all process which gets the members of the team to pull their weight effectively to give their loyalty to the group to carry out, properly to play an effective part in the job that the groups has undertaken.

Motivation may be defined as to how a manager works to induce his such ordinates to act in a desired manner by satisfying there needs and desire.

Motivation can be either positive or negative. Positive motivation induces people to work in a healthy way and to improve their performance while negative motivation forces people to work under pressure of punishment, reprimand or fear of loss. The results of positive motivation are always better and permanent in nature.

THE BENEFITS OF MOTIVATION

In brief the benefits of motivation are as follows

1) It increases employee productivity.

2) It creates a favourable image of the company.

3) It provides means of satisfying the needs of employees.

4) It helps in boosting group morale.

5) It encourages discipline among the employees.

It is, therefore necessary for the mangers to understand their subordinates and the factors which make them tick. This is possible only if an analysis is made of the needs craving satisfaction in the minds of their subordinates.

Motivation is mainly psychological. It refers those factors, operating within an individual, which induces him to act or not to act in a certain way. It may be defined as propensity, or the level of desire of an individual to behave in a certain manner at, a certain time and in a certain situation. Being motivated means to behave in a particular way.

Motivation in an organization is the willingness of the employee to work for organizational goals. The more positively an employee is motivated towards the organization, the more effective is his performance, his motivation, to a large extent, is determined by his perception. When incentive schemes are perceived differently by his employees all employees are not equally motivated to work efficiently.

It is also misleading to talk about motivation without specifying the goal of motivation. For effective motivation employees needs should be identified and also the extent to which these needs are important to them, without this motivational efforts of the management are not likely to give results.

An individuals needs are determined by certain psychological imbalances within him, his past experience, social expectations and the interaction of two or more of these forces. Social motives should be recognized for understanding human behaviour. Some kind of behaviour may be caused by various social motives, or different types of behaviour may be caused by the some motives. For example, the motive for doing overtime work may be to earn extra money for some, while for others it may be to get relief from family tensions and worries. Similarly some people accept extra work once to earn extra money to meet their present needs but refuse the same second time. In the same way motives vary in intensity also from people to people and also for same person at different times.Aims of MOTIVATIONThe aims of motivation may be:

A) To develop smooth human relations in the organization.

B) To satisfy the economic, social and psychological needs of the employees.

C) To boost morale of the employees.

D) To create a feeling of job satisfaction amongst employees as a result of which the employees are motivated to do more work.

E) To increase productivity and job performance.

F) To seek maximum cooperation of employees and establish harmonious relations between labour and management.

G) To get maximum exploitation of human recourses.

H) To achieve the goals of the organization.

MOTIVATION AND INCENTIVES-FINANCIAL

Motivation can be positive or negative. A positively motivated employee is sincere and devoted to his job. He remains achieved. Incentives motivate workers to a great extent. It is therefore SPRL use both incentives financial & non financial in cas. Invectives for job satisfaction can be financial or non financial. Present chapter is devoted to the role played by financial incentives in job performance.

In the light of the need hierarchy concept, in case of persons operation at the lower level, where physiological needs are not yet fully satisfied, money can be very powerful motivator of human conduct. however, as one rises higher in the management hierarchy, money may still be important in view of rising prices and inflation in the country, but its importance diminishes and other non-financial incentives became more powerful.

There is no escaping the fact that it is necessary to have and adequate compensation programme which will attract and retain key people of superior caliber in the organization. Such a program would also stimulate such person to improve their performance.

MOTIVATION AND INCENTIVES-NON FINANCIAL

Whilst money is an important motivator of human behaviour, but in terms of the need hierarchy it satisfies only physiological need of the human being. This brings into focus the importance of non-financial incentives or psychic wages, aimed at satisfying the other needs in the hierarchy i.e. safety needs, belongingness and love needs, esteem needs and self actualization needs. The psychological need for safety and security can be satisfied by the psychological climate or environment of the workplace. Some organization are noted for their policies of hiring and firing at will, whereas in other organizations even an inefficient employees may retire at the age of superannuating. In the former workers need o security and safety is not satisfied while in the later there is no motivation for work, though the job of the employee is safe and secure. What is needed is that a balance should be struck so that sufficient sense of security is created without encouraging complacency. The need for belongingness and love in the work situation can be met by providing appropriate interactions. In this connection workers participation in management scheme can play in important role.

As one moves up the employees hierarchy or the management hierarchy, the need higher up in the Maslows need hierarchy come into operation. For example, a high level executive has his esteem needs which can often be satisfied by giving him an air-conditioned cabin, motor car and other benefits of this nature which increases his prestige and satisfies his ego.

The employee must be made to feel that he has achieved something through his contribution, such a feeling of achievement can motivate him, for extra efforts. However, achievement should be followed by recognition also. Human being want others to know of their accomplishments. Therefore, the person who has achieved something should be praised in public and given recognition for good work.

The need for self-actualization in present in almost every human being and should be stimulated by providing him opportunities for growth and promotion. The only limitation would be that his activities must be directed towards the achievement of appropriate organizational goals.

Some of the non-financial incentives, in brief are as follows:

1. Providing responsibility through job enlargement.

2. Providing involvement or participation.

3. Creating a sense of achievement.

4. Providing recognition for accomplishment.

5. Offering inducement of promotion and growth as a result of effective performance.

1) PROMOTION POLICY AS MOTIVATION

Adequate policy regarding promotion generate job satisfaction and motivate employees for better work. promotion refers to assignment to an employees of a position of grater responsibility and increased authority. It normally involves ascending in the management hierarchy and increase in pay and status of the employee. It can be used to satisfy the employees needs for self actualization and thereby to motivate him. In addition, promotion using employees skill for more production. Promotion is also a source for recruitment for higher appointments and also provide a motivational environment. It also offers careers to efficient employees within the organization.

Promotion policy should be open and know to each employee. When employees know that every one of them can rise higher, provided they work efficiently and give better results, they will be motivated for better and more work.

2) QUALITY CIRCLES

The concept of quality circle (QC) is the outcome of the Japanese concern for satisfaction quality control. QC is primarily based on the recognition of the value of employees as human beings. Hence managers have to treat them with dignity and train them to accept responsibility and contribution to their job. Thus motivated, they would be capable of making their valuable suggestions through the use of their initiative, suggestions through the use of their initiative, experience and intelligence without just putting in physical efforts. QC is defined as a small group of 5-10 workers voluntarily performing quality control activities within the workshop to each they belong. QC is a voluntary group effort. This group which consists of a cross section of employees, then, at company cost, finds way and means to improve quality of their product.

3) WORK REDESIGN

Work redesign is basically the change in the nature of the job of the employees as a motivational technique. The managers have a number of alternatives to bring about change. However, by the large, job rotation enlargement are extensively used. Job rotation is a systematic movement of people from one job to another. It provides them the broad-based understanding of various functional activities of the organization and helps them develop the perspective to relate their own job. It however entails some prior training before the person is rotated. Job rotation has been found to be a good motivational device but can become expensive if it needs the dislocation of employees and meeting the costs of this dislocation. Job enlargement, on the other hand, would necessitate giving more task to be performed by employee on a given day. It is the horizontal extension of the job more of same things. However, such an exercise entails the complete redefining the job of the employees and would often require extra payment to the change in the job description.

4) FLEXIBLE WORK HOURS

Organization frequently use modified work schedules to increase employee motivation. The flexible work hours can take many forms. It can mean a change in traditional 8-5, Monday through Friday, work schedule (flex time). It can also mean doing work at home. Many variations are available. One alternate is the compressed work week. Instead of working 8 hours/days, one can work for 10 hours/day for 4days. Another popular method is the flexible work schedule. Hence, all the employees are required to work for certain core hours, the rest of the hours can be flexible, as long as eight hours of work/day has been done. Thus, the employees can come one hour late and can stay one hour after work. yet another system is working at home. Giving, the easy availability of computer technology and networking, employees stay home and still do a full days work. this is particularly more suitable for working mothers.

5) DEMOCRATIZATION OF WORK

If worker have to be provided sense of participation, importance, pride, freedom and self self-expression, it is necessary that they are involved in the decision making process, particularly those decisions that affect them the most. Democratization entitles sharing in an appropriate way, the decision-making powers with the lower levels in the organization, so as to generate a feeling of involvement with the job and the organization. It is also called participative management or codetermination. Many organizations that have experienced this idea have found that it leads to high satisfaction and productivity, provided that there is trust between the participation levels, liberal sharing of information and a positive top management attitude.

6) SCIENTIFIC MANAGEMENT APPROACH

In the 1900s, Frederick Winslow Taylor proposed scientific management principles designed to maximize production efficiency. He sought to replace the seat-of-the-plants approach determining each element of a workers job with a scientific approach. The centerpiece management was the elimination of time and motion waste. This was done by carefully studying jobs to determine the most efficient way in which they could be completed. Jobs were partitioned into small and simple segments, and the workers were given specific instructions on how each segment was to be done.

The results of Taylors efforts in economic terms were nothing short of spectacular. He was consistently able to achieve productivity improvements in the range of 200 percent or more. Many workers, however, did not like the jobs designed according to the dictates of scientific management. They found the repetitive work depersonalized, boring and unchallenging. Because their job often represented small cogs in a big wheel employees increasingly complained that their work was meaningless. To offset the boredom of their highly repetitive jobs, workers would do things that were not always in the best interest of the organization. They came to work late, they took three or four days weekends, and they quit to find more interesting work.

Probably one of the most publicized reactions to overspecialized jobs was the action by automobile assembly-line workers in the early 1970s at the Lords town, Ohio, Chevrolet plant. Workers were found to be welding empty soda pop bottles inside doors, purposely gauging the paint on cars as they went by, and engaging in other defunctional behaviours. The Lords town workers, it was said, were frustrated and looking for ways to overcome the dull, repetitive and unchallenging tasks they were assigned. Welding a bottle inside a door or putting a deep scratch into cars paint without getting caught provided a diversionary outlet.

The Lords town events occurred in the early 1970s, but the recognition that a good thing work simplification could be carried too far began to get attention in the late 1940s and early 1950s. As a result of insights from psychologists, sociologists, and other social scientists, attention began to shift to the human needs of people. The job themselves had been engineered to be efficiently performed by the robot like workers. But people are not robots. They have needs and feelings. No matter how well engineered a job is, if the design fails to consider the human element, the economics of specialization.

Could be more than offset by the diseconomies of employee dissatisfaction. And on many jobs, this is exactly what was happing. So attention becomes increasingly focused on job approaches that would make work less routine interesting and more meaningful.

Statement of the problem

Less study has been done on job satisfaction in banks that is why the present study is aimed to fill this gap. ObjectivesThe objectives of the study are:

Satisfaction is an individuals emotional reaction towards the job itself. Thus the primary objective of the research study is to find out that how far monetary incentives are related to job satisfaction in an individuals life.

Research study is also conducted to find out, at which level of job, monetary incentives are most preferred.

To study the types of monetary benefits that provides satisfaction for a job.

To study the important factors influencing job satisfaction. HypothesisJob satisfaction is not a predictor of job performance.LIMITATIONS OF STUDY Time duration of the study was less therefore the researcher could not meet with the maximum number of employees in the respective organization.

Sample is small, thus the results can be biased

Employees were less co-operative while answering and filling up of questionnaires.

Employees were not providing accurate and more information about their organization.

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Research Design

The function of research design is to provide for the collection of relevant evidence with minimal expenditure of effort, time and money.

Research design used in the project report is Descriptive in nature.

Descriptive research includes surveys and fact findings enquiries of different kinds. The major purpose of descriptive research is description of the state of affairs as it exists at present.

Population

Universe taken for the study includes Lucknow.

Sample Size

Sample size taken is 100

Variable Job Satisfaction

Tools to be administered

Questionnaire was designed by researcher. Questions were in such a sequence that defines the comparison between job satisfaction and monetary benefits. Questionnaire includes both close ended as well as open ended questions, these are structured and sequencing is clear. The questions were easy to understand and also the comfort level of employees was considered.

Data collection

Primary Data

Secondary Data

Data through Primary Sources:

Enquiring the respondents through the questionnaires, in which the same set of questions were asked to every respondent falling within our sample. This is helping in providing the feedback about the company: Yes Bank Co. and the preferences of the employees.

Data through Secondary Sources:

Researcher has been searching on the internet and companies websites to extract relevant information. Also through journals, newspapers etc. data was collected.

Survey Methodology:

Survey method through questionnaire chosen as per the requirement of the survey and the project.

Sample Design:

Random sampling was chosen for the research report, random sampling gives each element in the population an equal probability of getting into the sample and all choices are independent of one another. It gives each possible sample combination an equal probability of being chosen.

Data Analysis

Findings are presented in an appropriate form such as pie charts, bar charts etc. QUESTIONNAIRE Name:____________________________________ Employee Code:_________

Designation:________________________________ Age:_________

Gender:_____________ Contact Number:_________________________

Email Address:______________________________

How strongly you satisfied for following statements:

Highly Satisfied Neutral Dis- Highly

Satisfied satisfied dis-satisfied

1 . GENERAL WORKING CONDITIONS

a) Work hour each week ----- ----- ----- ----- -----

b) Flexibility in scheduling ----- ----- ----- ----- -----

c) No of paid leaves ----- ----- ----- ----- -----

d) Dispute settlement process ----- ----- ----- ----- -----

2 PAY AND PROMOTION POTENTIAL

a) Salary ----- ----- ----- ----- -----

b) Opportunities for Promotion ----- ----- ----- ----- -----

c) Benefits (Health insurance, life insurance, etc.) ----- ----- ----- ----- -----

d) Job Security ----- ----- ----- ----- -----

e) Recognition for work accomplished ----- ----- ----- ----- -----

3 WORK RELATIONSHIPS

a) Relationships with your co-workers ----- ----- ----- ----- -----

b) Relationship(s) with your supervisor(s) ----- ----- ----- ----- -----

c) Relationships with your subordinates (if applicable) ----- ----- ----- ----- -----

4 USE OF SKILLS AND ABILITIES

a) Opportunity to utilize your skills and talents ----- ----- ----- ----- -----

b) Opportunity to learn new skills ----- ----- ----- ----- -----

c) Support for additional training and education ----- ----- ----- ----- -----

5 WORK ACTIVITIES

a) Variety of job responsibilities ----- ----- ----- ----- -----

b) Degree of independence associated with your work roles ----- ----- ----- ----- -----

c) Adequate opportunity for periodic changes in duties ----- ----- ----- ----- 6 Are you satisfied with the companys appraisal system?

a) Yes b) NO

7 Do you think of switching over in some other companies?

a) Yes b) NO

8 How do you view this job?

a) Challenging b) Responsible

c) Motivating d) Secured

9 Give your view on career management system and growth opportunity in your organisation.

.............................................................................................................................................................................................................................................................................................................................

10 Any further suggestion for increasing job satisfaction that you would like to forward.

.............................................................................................................................................................................................................................................................................................................................

Analysis1 . GENERAL WORKING CONDITIONS

a) Work hour each week

40% employees of max are highly satisfied with the working hour of each week. 25% are satisfied , 5% are unable to say any thing, 20% are dis-satisfied and others are highly dis-satisfied.

b) Flexibility in scheduling

30% employees of max are highly satisfied with the Flexibility in scheduling, 25% are satisfied , 10% are unable to say any thing, 20% are dis-satisfied and others are highly dis-satisfied.

c) No of paid leaves

Employees of max are not highly satisfied with the No of paid leaves , 25% are satisfied , 5% are unable to say any thing, 25% are dis-satisfied and 45% are highly dis-satisfied.

d) Dispute settlement process

30% employees of max are highly satisfied with the Dispute settlement process , 32% are satisfied , 12% are unable to say any thing, 20% are dis-satisfied and others are highly dis-satisfied.


a) Salary

12% employees of max are highly satisfied with the salary, 40% are satisfied , 18% are unable to say any thing, 11% are dis-satisfied and others are highly dis-satisfied.b) Opportunities for Promotion

49% employees of max are highly satisfied with the Opportunities for Promotion , 31% are satisfied , 18% are dis-satisfied and others are highly dis-satisfied.

c) Benefits (Health insurance, life insurance, etc.)

58% employees of max are highly satisfied with the Benefits (Health insurance, life insurance, etc.), 28% are satisfied , 14% are dis-satisfied.d) Job Security

24% employees of max are highly satisfied with the job security, 20% are satisfied , 10% are unable to say any thing, 26% are dis-satisfied and others are highly dis-satisfied.

e) Recognition for work accomplished

32% employees of max are highly satisfied with the Recognition for work accomplished , 22% are satisfied , 16% are unable to say any thing, 18% are dis-satisfied and others are highly dis-satisfied.


a) Relationships with your co-workers

v

56% employees of max are highly satisfied with the Relationships with your co-workers , 24% are satisfied , 20% are dis-satisfied.

b) Relationship(s) with your supervisor(s)

20% employees of max are highly satisfied with the relationship(s) with your supervisor(s)

, 39% are satisfied , 11% are unable to say any thing, 18% are dis-satisfied and others are highly dis-satisfied.

c) Relationships with your subordinates (if applicable)

26% employees of max are highly satisfied with the Relationships with your subordinates (if applicable), 52% are satisfied , 2% are unable to say any thing, 8% are dis-satisfied and others are highly dis-satisfied.


a) Opportunity to utilize your skills and talents

21% employees of max are highly satisfied with the Opportunity for utilizing skills and talents 38% are satisfied , 1% are unable to say any thing, 29% are dis-satisfied and others are highly dis-satisfied.

b) Opportunity to learn new skills

20% employees of max are highly satisfied with the Opportunity to learn new skills , 37% are satisfied ,23% are dis-satisfied and others are highly dis-satisfied.

c) Support for additional training and education

14% employees of max are highly satisfied with the Support for additional training and education , 22% are satisfied , 16% are unable to say any thing, 26% are dis-satisfied and others are highly dis-satisfied.

5. WORK ACTIVITIES

a) Variety of job responsibilities

Employees of max are not highly satisfied with the Variety of job responsibilities , 15% are satisfied , 11% are unable to say any thing, 49% are dis-satisfied and others are highly dis-satisfied.

c) Degree of independence associated with your work roles

16% employees of max are highly satisfied with the Degree of independence associated with your work roles. 48% are satisfied , 6% are unable to say any thing, 20% are dis-satisfied and others are highly dis-satisfied.c) Adequate opportunity for periodic changes in duties

1% employees of max are highly satisfied with the Adequate opportunity for periodic changes in duties, 19% are satisfied , 10% are unable to say any thing, 31% are dis-satisfied and others are highly dis-satisfied.

6 Are you satisfied with the companys appraisal system?

SHAPE \* MERGEFORMAT

60% employees of Max are satisfied with the companys appraisal system but 40% are not satisfied.7 Do you think of switching over in some other companies?


65% employees are not thinking for switching over in some other companies but 35% are thinking so.



38% employees take there job as a challenge, 42% take as a responsibility, 15% as a motivating factor and 5% as a secured.9 Give your view on career management system and growth opportunity in your organisation.

In max career opportunity is very good if own will stay in the organisation for a long time one will get what he deserve.

CHAPTER-3Findings and InterpretationDuring the research study conducted among the employee of Yes Bank by the help of questionnaire, my findings are:-

1. 40% employees of max are highly satisfied with the working hour of each week. 25% are satisfied , 5% are unable to say any thing, 20% are dis-satisfied and others are highly dis-satisfied.

2. 30% employees of max are highly satisfied with the Flexibility in scheduling, 25% are satisfied , 10% are unable to say any thing, 20% are dis-satisfied and others are highly dis-satisfied.

3. Employees of max are not highly satisfied with the No of paid leaves , 25% are satisfied , 5% are unable to say any thing, 25% are dis-satisfied and 45% are highly dis-satisfied.

4. 30% employees of max are highly satisfied with the Dispute settlement process ,32% are satisfied , 12% are unable to say any thing, 20% are dis-satisfied and others are highly dis-satisfied.

5. 12% employees of max are highly satisfied with the salary, 40% are satisfied , 18% are unable to say any thing, 11% are dis-satisfied and others are highly dis-satisfied.

6. 49% employees of max are highly satisfied with the Opportunities for Promotion, 31% are satisfied , 18% are dis-satisfied and others are highly dis-satisfied.

7. 58% employees of max are highly satisfied with the Benefits (Health insurance, life insurance, etc.) , 28% are satisfied , 14% are dis-satisfied.

8. 24% employees of max are highly satisfied with the job security, 20% are satisfied , 10% are unable to say any thing, 26% are dis-satisfied and others are highly dis-satisfied.

9. 32% employees of max are highly satisfied with the Recognition for work accomplished , 22% are satisfied , 16% are unable to say any thing, 18% are dis-satisfied and others are highly dis-satisfied.

10. 56% employees of max are highly satisfied with the Relationships with your co-workers, 24% are satisfied , 20% are dis-satisfied

11. 20% employees of max are highly satisfied with the relationship(s) with your supervisor(s),39% are satisfied , 11% are unable to say any thing, 18% are dis-satisfied and others are highly dis-satisfied.

12. 26% employees of max are highly satisfied with the Relationships with your subordinates (if applicable), 52% are satisfied , 2% are unable to say any thing, 8% are dis-satisfied and others are highly dis-satisfied.

13. 21% employees of max are highly satisfied with the Opportunity for utilizing skills and talents38% are satisfied , 1% are unable to say any thing, 29% are dis-satisfied and others are highly dis-satisfied.

14. 20% employees of max are highly satisfied with the Opportunity to learn new skills, 37% are satisfied ,23% are dis-satisfied and others are highly dis-satisfied.

15. 14% employees of max are highly satisfied with the support for additional training and education, 22% are satisfied , 16% are unable to say any thing, 26% are dis-satisfied and others are highly dis-satisfied

16. Employees of max are not highly satisfied with the variety of job responsibilities,15% are satisfied , 11% are unable to say any thing, 49% are dis-satisfied and others are highly dis-satisfied.

17. 16% employees of max are highly satisfied with the degree of independence associated with your work roles. 48% are satisfied , 6% are unable to say any thing, 20% are dis-satisfied and others are highly dis-satisfied.

18. 1% employees of max are highly satisfied with the adequate opportunity for periodic changes in duties, 19% are satisfied , 10% are unable to say any thing, 31% are dis-satisfied and others are highly dis-satisfied.

19. 60% employees of max are satisfied with the companys appraisal system but 40% are not satisfied.20. 65% employees are not thinking for switching over in some other companies but 35% are thinking so.

21. 38% employees take there job as a challenge, 42% take as a responsibility, 15% as a motivating factor and 5% as a secured.

22. In max career opportunity is very good if own will stay in the organisation for a long time one will get what he disserve.

CHAPTER-4 Suggestions and Recommendations The suggestions are drawn from the analysis and observations. Few suggestions are given as under:

In case of working hours decided by the organization are not convenient for the employees of Yes Bank. These hours should be minimize.

Opportunities of growth of employees are less so that there can be employee turnover hence management has to give emphasis on increasing the promotion opportunities for according to the performance of employees.

Employees seek for jobs with job content, job security, and pay and promotion. Thus organization should provide for these elements in jobs in order to retain employees in an organization.

The criteria for Job security is not much satisfactory so management have concentrate on job security of employees so that they can work without fear of job loss in the organization. Do improvement in interaction level of superior & subordinate which also helpful for the organization.

As there is an active participation of employees in decision making but rarely the suggestions given by them are drawn in action. Hence the confidence of employees gets de-motivated.

From analysis we concluded that the support for additional training and education which is not sufficient to get complete knowledge about the work. Hence this should be increased.

Hr polices & practices needs to improve

Give more emphasis on communication between employees & management which increase the satisfaction level more.

There are some employees who not trust in the organization do something for them which develop the trust regarding organization

Research report reveals that both job satisfaction and monetary benefits are important thus organization should work on providing both to the employees.

Most important factors influencing job satisfaction are opportunities with work and good package and remuneration. With these factors in a job, an employee stays at work.

So to motivate the employees management can take into consideration some proper suggestions given by the employees. It will help to increase the motivation and ultimately the Job satisfaction of the employees of Yes Bank. BibliographyBooks: -

Hitt, Miller, Colella Organizational Behavior A Strategic Approach, Wiley Students Edition.

Luthans Fred Organizational Behavior, McGraw Hill 7th Edition.

Newstrom John W., Davis Keith, Organizational Behavior Human Resource At Work, 9th Edition, Tata McGraw Hill Edition.

Pestonjee D. M. Motivation and Job Satisfaction, 1st Edition. Macmillan India Limited.

Web Sites:-

www.google.com www.wikipedia.com

Appendix

QUESTIONNAIRE

Name:____________________________________ Employee Code:_________

Designation:________________________________ Age:_________

Gender:_____________ Contact Number:_________________________

Email Address:______________________________

How strongly you satisfied for following statements:

Highly Satisfied Neutral Dis- Highly

Satisfied satisfied dis-satisfied

1 . GENERAL WORKING CONDITIONS

a) Work hour each week ----- ----- ----- ----- -----

b) Flexibility in scheduling ----- ----- ----- ----- -----

c) No of paid leaves ----- ----- ----- ----- -----

d) Dispute settlement process ----- ----- ----- ----- -----


a) Salary ----- ----- ----- ----- -----

b) Opportunities for Promotion ----- ----- ----- ----- -----

c) Benefits (Health insurance, life insurance, etc.) ----- ----- ----- ----- -----

d) Job Security ----- ----- ----- ----- -----

e) Recognition for work accomplished ----- ----- ----- ----- -----


a) Relationships with your co-workers ----- ----- ----- ----- -----

b) Relationship(s) with your supervisor(s) ----- ----- ----- ----- -----

c) Relationships with your subordinates (if applicable) ----- ----- ----- ----- -----


a) Opportunity to utilize your skills and talents ----- ----- ----- ----- -----

b) Opportunity to learn new skills ----- ----- ----- ----- -----

c) Support for additional training and education ----- ----- ----- ----- -----

5 WORK ACTIVITIES

a) Variety of job responsibilities ----- ----- ----- ----- -----

b) Degree of independence associated with your work roles ----- ----- ----- ----- -----

c) Adequate opportunity for periodic changes in duties ----- ----- ----- ----- -----

6 Are you satisfied with the companys appraisal system?

a) Yes b) NO

7 Do you think of switching over in some other companies?

a) Yes b) NO


a) Challenging b) Responsible

c) Motivating d) Secured

9 Give your view on career management system and growth opportunity in your organisation.

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yes bank final job satisfaction 25-02-2015

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